22 April 2005

The Commonwealth Bank Foundation is again inviting primary schools across Australia to apply for one of 70 e-Learning Grants valued at $5,000 each to assist in the development of literacy, numeracy and/or financial literacy skills through an e-learning project.

The Commonwealth Bank established the Commonwealth Bank Foundation to strengthen its commitment, of more than 70 years, to education and financial literacy. The Foundation encourages developments in education to empower Australians – particularly young Australians – to develop financial literacy skills that will be useful throughout their lives.

The e-Learning Grants program now in its fourth year, recognises the increasingly important role played by online initiatives in developing literacy, numeracy and financial literacy skills among school children. The grants assist teachers and students to implement and develop e-learning in their schools.

CEO of the Commonwealth Bank and Chairman of the Commonwealth Bank Foundation, David Murray, said feedback from schools indicated that participation by students in projects supported by e-Learning Grants had resulted in a greater enthusiasm for learning.

"Since 2002, the e-Learning Grants program has contributed more than $1 million to 210 primary schools across Australia. The grants have supported e-learning programs ranging from start-ups to highly advanced projects in rural, regional and metropolitan school communities.

"Developing numeracy and literacy skills are the building blocks for young Australians to become financially literate," Mr Murray said.

"Research released by the Commonwealth Bank Foundation earlier this year found that improving financial literacy among the 10 per cent of Australians who lack such knowledge, over a ten-year period, would increase Australia’s GDP by $6 billion, and create 16,000 new jobs. Young people make up nearly 40 per cent of the core group of Australians who lack good financial literacy."

Interested primary schools can access a range of resources, including summaries of previous grant-recipients, to help them develop their e-learning program and prepare their online application at www.commbank.com.au/elearninggrants

The grants are being offered in conjunction with the Australian Government’s National Literacy and Numeracy Week 2005 and were developed in consultation with the Government, Catholic and Independent school sectors.

Information has been sent to all Australian primary schools during April. Full program details can also be found on the e-Learning Grants website.

Applications close on 17 June 2005 (11pm AEST) and successful schools will be announced at the National Literacy and Numeracy Week 2005 Awards ceremony on 26 August 2005.

ENDS

Note to News Editors:

To obtain details on previous recipients of e-Learning Grants in each state/territory, or to arrange to speak to schools involved in e-learning projects, please contact: